Japan's Hokeutsu looking to retain Daio as an equity-method affiliate with share purchase

摘要

In Japan, the Hokuetsu Corporation has announced the acquisition of 3 million shares in Daio Paper, with a view to keeping the latter an equity-method affiliate. Daio has not commented on the arrangement, which follows several years of legal wrangling over Hokuetsu's stake in it. According to Hokuetsu, toward the end of 2019 it acquired the 3 million shares from Daio's founding Ikawa family, bringing its total sha re to over 36 million, or just above 24% of the voting rights in Daio. Previously, the stake was 33 million, with voting rights of 22.39%.